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The Egyptian Cabinet approved a drafted law cancelling a target rise in stamp tax on stock exchange transactions, keeping it at 1.5 pounds per 1,000
Egypt has introduced a stamp duty of 1.25 pounds per 1,000 in June 2017, with the current law stating that it will gradually rise to 1.5 pounds in the second year and 1.75 pounds in the third.
The drafted law changes are meant to “reduce the financial burden on stock exchange traders and support the activity of the Egyptian stock exchange”
The increase to 1.75 pounds per 1,000 was due to take effect on 1 June.
